WESTERN ENERGY SERVICES CORP. ANNOUNCES CLOSING OF FULL OVER-ALLOTMENT OPTION

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, April 1 /CNW/ - Western Energy Services Corp. (TSXV: WRG) ("Western" or the "Company") is pleased to announce that with respect to its recently closed bought deal common share offering (the "Offering"), the syndicate of underwriters co-led by Cormark Securities Inc. and RBC Capital Markets and including Raymond James Ltd., Peters & Co. Limited, AltaCorp Capital Inc., FirstEnergy Capital Corp., and HSBC Securities (Canada) Inc. (collectively, the "Underwriters"), have exercised the full over-allotment option (the "Option") granted to them.  Pursuant to the Option, the Underwriters have acquired an additional 28,875,000 common shares of Western at a price of $0.390 per share for additional gross proceeds to Western of approximately $11.3 million bringing the aggregate gross proceeds of the Offering to approximately $86.3 MM.

The net proceeds of the offering will be used for the repayment of debt, for future acquisitions and for general corporate purposes.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

ADVISORY:  This press release contains forward looking statements which may include statements concerning completion of any proposed acquisitions, capital programs, debt, funds flow from operations and the anticipated use of the net proceeds of the offering.  Although Western believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Western can give no assurance that they will prove to be correct.  Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.  Any proposed acquisition may not be completed if required approvals or some other condition to closing is not satisfied.  Accordingly, there is a risk that any proposed acquisition will not be completed within the anticipated time or at all.  The intended use of the net proceeds of the offering by Western might change if the board of directors of Western determines that it would be in the best interests of Western to deploy the proceeds for some other purpose.

The forward looking statements contained in this press release are made as of the date hereof and Western undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

 

SOURCE Western Energy Services Corp.

For further information:

Western Energy Services Corp.
900, 606 - 4th Street SW
Calgary, AB
T2P 1T1
Ph: 403.984.5916
Fax: 403.984.5917

Dale E. Tremblay
Chief Executive Officer
403.984.5929
dtremblay@wesc.ca
  Alex MacAusland
President & COO
403.984.5932
amacausland@wesc.ca
  Jeffrey Bowers
VP Finance & CFO
403.984.5933
jbowers@wesc.ca

 


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